Income Tax : ITAT Mumbai held that an addition under Section 69A cannot be sustained when the assessee is denied the opportunity to cross-exami...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : ITAT held that a return filed under section 148 remains valid even if delayed. Failure to issue mandatory notice under section 143...
Income Tax : Judicial rulings clarify that satisfaction for initiating action against other persons in search cases must be recorded promptly. ...
Income Tax : The Finance Bill 2026 proposes allowing taxpayers to file an Updated Return even after receiving a reassessment notice under Secti...
Income Tax : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Income Tax : Discover how Finance Act 2021 revamped assessment and reassessment procedures under Income-tax Act, impacting notices, time limits...
Income Tax : Humble Representation for modification of Section 151 of the Income Tax Act relating to Sanction for issue of Notice under sec. 14...
Income Tax : Income Tax Gazetted Officers’ Association requested CBDT to issue Clarification in respect of the judgement of Hon’ble Supreme...
Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...
Income Tax : ITAT Indore held that appellate order violated principles of natural justice after finding that key hearing notices were sent to a...
Income Tax : Court ruled that reassessment notices under Section 148 must be issued through the faceless mechanism under Section 151A and the 2...
Income Tax : The Madras High Court held that reassessment notices required to be issued by the Faceless Assessing Officer are invalid if issued...
Income Tax : The Madras High Court held that reassessment notices required to be issued by the Faceless Assessing Officer are invalid if issued...
Income Tax : The Jharkhand High Court held that retrospective insertion of Section 147A removed the jurisdictional challenge against reassessme...
Income Tax : The department has identified high-risk cases through its Insight Portal for AYs 2022-25. It directs officers to initiate reassess...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Income Tax : Explore the latest guidelines for issuing notice under Section 148 of the Income Tax Act, 1961. Understand key procedures, amendme...
Income Tax : Explore e-Verification Instruction No. 2 of 2024 from the Directorate of Income Tax (Systems). Detailed guidelines for AOs under I...
Income Tax : Supreme Court in the matter of Shri Ashish Agarwal, several representations were received asking for time-barring date of such cas...
Assessment was sought to be reopened not on account of failure of assessee to disclose truly and fully all material facts that were necessary for computation of income but on account of change of opinion of AO about the manner of computation of the deduction under Section 57, therefore, the same was invalid.
Reassessment under section 148 was not justified as ‘reason to believe’ that income for the AY in question had escaped assessment was based on a mere ‘change of opinion’.
Cognizant Technology Solutions India P. Ltd. Vs Asst.CIT (Madras High Court) Facts- Impugned notice was issued under section 148 for reopening of the assessment. The petitioner questioned the legal validity of the initiation of the reopening proceedings. Conclusion- If the Assessing Officer has reason to believe that the particular issue has not been considered or […]
Transway Wine Pvt. Ltd. Vs PCIT (Calcutta High Court) Impugned notice is quashed solely on the ground that the impugned notice was issued in the name of non-existing company in spite of revenue having notice and knowledge of non-existence of such Company. Quashing of this notice will not prevent the respondents from issuing fresh notice in […]
The Finance Act, 2021 introduced a new set of reassessment proceedings from 01.04.21.The Central Board of Direct Taxes (C.B.D.T) by way of various notifications had extended the time limit of issuing the notice U/s 148 of the Act up to 30th June, 2021. The Income tax department has issued many Section 148 notices for several […]
Saurabh Natvarlal Soparkar Vs ACIT (Ahmedabad High Court) it is evident that a specific query was raised by the Assessing Officer with respect to Section 14A and the same was appropriately replied by the writ applicant. The same was accepted at the relevant point of time. Once again the very same issue is sought to […]
Cognizant Technology Solutions India Private Limited Vs ACIT (Madras High Court) Conclusion: In present case, the Division Bench of the Hon’ble Madras High Court provided relief to the Petitioner observing that in the absence of new facts coming to the knowledge of the Assessing Officer subsequent to the original assessment proceedings, the reopening could not […]
Madan Mohan Tiwari Vs ITO (ITAT Delhi) Once information received by AO were shown in objections as incorrect, entire jurisdiction on such reasons cease to exist and thus reopening should be dropped. Such non application of mind therefore at recording reasons as well as disposal of objections invalidate entire reopening. FULL TEXT OF THE ORDER […]
The AO reopened the assessment of the Assessee after it was observed that the Assessee had not reflected or explained his investment in a hotel project during a survey operation. Thereafter, the Assessee filed an application before the CIT(A) challenging the validity of reopening of assessment, which was subsequently rejected and disposed of by the CIT(A) on the ground that the AO had correctly followed the procedure as contemplated in the IT Act and there was no infirmity in the action of the AO regarding reopening, all of which has been in accordance with law.
Hon’ble Tribunal uphold the observations of Ld. CIT(A) wherein it was observed that in order to assess the asset/bank account held by a third party in the hands of the respondent assessee the department has to prove that the assessee has direct beneficial interest in the asset/bank account held by third party.
